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Best Mirror Trader Forex Brokers

Mirror Trader is a trading platform that is designed and owned by Tradency Inc. Tradency lays claim to being the innovator of mirror trading, or social trading as the activity is known today. Tradency's mirror trading service was developed in 2005, and their core offering is Mirror Trader, Tradency's innovative retail trading platform. Using Mirror Trader, retail traders are able to match the trading insight that had to date been the exclusive preserve of experienced and institutional traders.To get more news about forex mirror trading, you can visit wikifx.com official website.

Mirror trading allows individuals to have accounts that mirror the accounts of experienced traders, by replicating the same trades taken by them. To be able to make this a seamless process, Tradency created the Mirror Trader.

Using Mirror Trader, "buy" and "sell" signals from Strategy Developers are tracked by Tradency's servers and copied to the accounts of the traders who follow them. The Mirror Trader platform enables new traders to visualise, analyse and evaluate trading signals sent by these experienced traders.

It is possible for anyone from around the world to become a Strategy Developer and share trading experience and knowledge with new users on the Mirror Trader platform. All trades of Strategy Developers are recorded and can be evaluated by new traders, allowing them to decide which experienced traders to follow. To be able to do this properly, an understanding of Mirror Trader for the forex market is essential.

Forex Mirror Trader: The Interface
Mirror Trader is a browser-based platform with an interface that supports automated strategies as well as manual trading strategies. The interface allows quick and easy account opening and activation, and seamless integration of the client account with Strategy Developers' active portfolios. The platform also displays comprehensive strategy performance data and account status parameters. The Mirror Trader platform tops this off by providing tools that enhance a trader's ability to evaluate and therefore select which accounts to follow.
Mirror Trader Basic Features
Here are the basic features that traders who use Mirror Trader will encounter in their daily trading activity.

1. Live Charts for all currency pairs: Choose between charts for different currency pairs. It is also possible to select different time frames, and zoom in or out. Various indicators are available for technical analysis. Also, line, bar and candlestick charts are available.

2. Strategies Filters: This is where the trader can select strategies, place strategies on the watchlist, and monitor performance of strategy providers. Set custom filters to identify suitable traders using a specific criteria.

3. Strategies Performance: Get a detailed performance summary for all strategies on the watchlist.

4. T-Score: Use the T-Score to evaluate the risk, momentum and stability of a strategy on a scale from 1 to 10.

5. Watch List: The watch list is a tool providing quick access to pre-selected strategies. Strategies may be followed before being added to a trading portfolio.

6. Risk Management: Control risk using Mirror Trader's risk management tools such as the Automatic Stop.

7. Exposure Meter: The Exposure Meter shows the leverage of the portfolio's maximum positions. This measures risk exposure on a scale of 0 to 100, with >80 being the red alert level.